CIBC announced that it is teaming up with Toronto-based Borrowell and Equifax Canada to offer free credit score to its clients through the CIBC mobile banking app.
Through CIBC’s mobile app, clients will be able to access their Equifax credit score, which will be updated quarterly, enabling them to track their financial standing over time. Clients will also have access to important information about various factors that affect a credit score, and advice on how to improve it.
“As we continue building a personalized digital banking experience for clients, we are also delivering technology that can help clients make informed financial decisions when, where and how they want,” said Aayaz Pira, SVP for CIBC digital, retail, and business banking. “With a simple tap on their mobile banking app, clients can easily access their credit score, allowing them to have a full picture of their overall credit health, and better control of their finances.”
“Knowing your credit score is important, particularly if you’re planning to purchase a new home or car.”
According to CIBC, the free credit service is filling a gap, as CIBC’s recent survey of 1,517 randomly selected Canadian adults revealed that the majority recognize the importance of knowing their credit score to safeguard against fraud, yet 69 percent do not know their credit score and 45 percent say they have no idea where to obtain their credit score.
“Knowing your credit score is important, particularly if you’re planning to purchase a new home or car, or if you are new to Canada and working to establish your credit,” says Bijal Patel, executive vice-president of products, retail, and business banking at CIBC. “Clients can better plan for the future by having an up-to-date view of their credit score and then start a conversation with an advisor to help them achieve their goals.”
CIBC’s announcement to offer a free credit score service suggests the next phase of CIBC’s existing partnership with Toronto-based Borrowell. In October 2016, CIBC partnered with Borrowell to leverage its platform and underwriting approach to adjudicate loans for existing customers online in real time. Borrowell has allowed customers to view their credit score since June 2016.
Last month, CIBC pulled its mobile payments app from the Google Play Store.
CIBC said while the free credit score service is launching on mobile first, the service will be available online later this year.